Daily Pivots: (S1) 0.7594; (P) 0.7637; (R1) 0.7669; More…
Intraday bias in AUD/USD is turned neutral with lost of upside momentum as seen in 4 hour MACD. Another rise cannot be ruled out yet. But considering bearish divergence condition in 4 hours MACD, we’d expect strong resistance from this resistance zone to limit upside and bring near term reversal. On the downside, break of 0.7510 minor support will indicate that rise from 0.7158 has completed already and turn bias back to the downside for this key near term support level.
In the bigger picture, we’re still treading price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seek to 55 month EMA (now at 0.8205) and above.
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